The process for enrolling in supplemental retirement insurance.
The Social Insurance Law stipulates that supplementary retirement insurance is a voluntary type of insurance based on market principles, aimed at supplementing the mandatory social insurance retirement scheme. It has a mechanism for creating a fund from contributions by employers or by both employers and employees.
Contributions to the supplemental retirement insurance fund are managed through individual retirement accounts.
The amount of supplemental retirement insurance payout is determined based on the individual's retirement account balance at the time of payment, accumulated through investment activities of the supplemental retirement insurance fund according to market principles.
This Decree regulates supplementary retirement insurance as stipulated in Clause 3, Article 127 of the Social Insurance Law, including: participation in supplementary retirement insurance, establishment, management and investment of supplementary retirement insurance funds; enterprises managing supplementary retirement insurance funds; and responsibilities of relevant agencies and organizations.
This Decree does not regulate the following matters:
Compulsory social insurance and voluntary social insurance are regulated by the Social Insurance Law.
Insurance companies provide retirement insurance products in accordance with the Law on Insurance Business and its guiding documents.
The investment fund management activities of investment fund management companies are governed by securities laws.
The amount of supplementary retirement insurance contributions is determined by voluntary agreement between the employer and the employee.
Regarding regulations on participation in supplementary retirement insurance, the Decree stipulates:
The target group for supplementary retirement insurance includes employers and employees who have already participated in mandatory social insurance as stipulated in Article 2 of the Social Insurance Law. These individuals can voluntarily participate in supplementary retirement insurance implemented by retirement fund management companies through their employers.
The decree stipulates that participation in supplementary retirement insurance is not a mandatory condition for recruitment, signing, or renewal of labor contracts; employers are not allowed to discriminate against or hinder the legitimate rights and interests of employees through participation in supplementary retirement insurance. Employers are not allowed to link participation in supplementary retirement insurance with the company's reward policies, performance evaluations, and welfare benefits for employees.
The amount of supplementary retirement insurance contributions is agreed upon voluntarily by the employer and the employee.
Based on labor management requirements and financial capabilities, employers shall develop a written agreement between employees and employers regarding participation in supplementary retirement insurance and shall make supplementary retirement insurance contributions for their employees in accordance with the agreement.
The conditions for employees to participate in supplementary retirement insurance and receive the employer's contribution and investment returns from that contribution must be specifically stated in the written agreement between the employer and the employee. If the employer has a minimum working time requirement for the employee, it must not exceed 5 years.(*)
Employees participating in supplemental retirement insurance are entitled to the employer's contribution and the investment returns from this contribution when they meet the conditions in (*) or when they fall into one of the following cases:
a) Died.
b) Currently suffering from one of the following diseases: cancer, polio, decompensated cirrhosis, severe tuberculosis, AIDS.
c) Having a reduction in working capacity of 81% or more; people with severe disabilities.
d) Foreign workers who no longer reside in Vietnam or whose work permits, professional certificates, or professional licenses have expired and have not been renewed.
Procedure for participating in supplemental retirement insurance
The decree stipulates that employers must draft written agreements and notify and solicit feedback from employees.
After reaching an agreement, the employer signs a written agreement on participation in supplementary retirement insurance with each employee, or signs it with the Chairman of the Trade Union after consulting with the collective of employees, based on the principles of voluntariness, equality, good faith, cooperation, and honesty.
The basic content of the agreement shall comply with the provisions of Appendix II issued together with this Decree.
Employers sign contracts with pension fund management companies to participate in supplemental retirement insurance programs. Based on the list of employees participating in the program, the pension fund management company opens individual retirement accounts for each employee.
Based on the registered supplementary retirement insurance program and the written agreement with the employee, the employer pays the employer's contribution (if any) and the employee's entrusted contribution (if any) to the supplementary retirement insurance fund and informs the retirement fund management company of the amount contributed for each employee as prescribed.
The contributions to each employee's individual retirement account, as stipulated by regulations, include:
a) Contributions made by the employer to the employee (if any).
b) Employee contributions (if any).
This Decree takes effect from May 10, 2026 and replaces Decree No. 88/2016/ND-CP dated July 1, 2016 of the Government on the voluntary supplementary retirement program./.
Source: https://baochinhphu.vn/quy-trinh-tham-gia-bao-hiem-huu-tri-bo-sung-102260327165710401.htm
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